Sanfangxiang: The controlling shareholder and persons acting in concert have 3.167 billion shares frozen by judicial authorities

NightAirdropper · 2026-02-26T10:30:15+00:00

Sanfangxiang's controlling shareholder's shares have been judicially frozen due to debt disputes, affecting 76.15% of its shares. The company's production and operations are normal, but if the shares are disposed of, it may change the actual control. From 2022 to 2024, operating revenue has increased year by year, but net profit attributable to the parent has declined, indicating a higher risk warning.

NightAirdropper

2026-02-26 10:30:15

Abstract generation in progress

Radar Finance | Text by Yang Yang | Edited by Li Yihui

On February 25th, Sanfangxiang (Stock Code: 600370) announced that the company’s shares held by its controlling shareholder, Sanfangxiang Group Co., Ltd., and its concerted action partner, Jiangsu Sanfangxiang International Trade Co., Ltd., have been judicially frozen. Sanfangxiang Group holds 2,967,261,031 shares, accounting for 76.15% of the total share capital, all of which are pledged and frozen; Jiangsu Sanfangxiang International Trade holds 200,194,552 shares, accounting for 5.14% of the total share capital, also fully pledged and frozen.

The freezing is related to debt and contract disputes, with the applicants for the freeze being Jisheng Investment Development Co., Ltd. in Jiangyin and Dongwu Construction Investment Co., Ltd. in Jiangyin. The company states that its production and operations are normal at present, but if the shares are subject to judicial disposal, it may lead to a change in actual control.

According to Tianyancha, Sanfangxiang was established on June 13, 1994, with a registered capital of approximately 3.896 billion RMB. The legal representative is Bian Huiliang, and the registered address is Sanfangxiang Village, Zhouzhuang Town, Jiangyin City. Its main business focuses on the production and sales of bottle-grade polyester chips and PTA, supplemented by the production and sales of PBT engineering plastics and thermal power.

Currently, the company’s chairman is Bian Huiliang, the secretary of the board is Yu Hongxia, with 2,144 employees, and the actual controller is Bian Pinggang.

The company has 11 associated companies, including Jiangyin Xinyuan Thermal Power Co., Ltd., Jiangyin Jihua New Materials Co., Ltd., Jiangyin Xingjia New Materials Co., Ltd., Baikang Trading Co., Ltd., and Jiangsu Sanfangxiang International Storage and Transportation Co., Ltd.

In terms of performance, the company’s revenue for 2022, 2023, and 2024 was 22.837 billion RMB, 23.479 billion RMB, and 24.137 billion RMB, respectively, with year-over-year growth of 17.24%, 2.81%, and 2.80%. Net profit attributable to the parent was 818 million RMB, -275 million RMB, and -487 million RMB, with year-over-year changes of +29.93%, -133.60%, and -77.29%. During the same period, the company’s asset-liability ratio was 53.08%, 60.87%, and 68.98%.

Regarding risks, Tianyancha data shows the company has 255 internal Tianyan risks, 115 surrounding risks, 3,819 historical risks, and 73 early warning risks.

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